Los Angeles, USA-based financial wellness platform Rain, helping companies give employees greater control over their finances, raised USD 300 million in financing. The round took place on February 5, 2024. from Clear Haven Capital Management led the financing for a new credit facility.
Purpose of financing for Rain
With the latest funding, Rain can better service its growing customer base, allowing it to provide employees an easy way to access their earned wages in real-time, driving increased retention, job applications, and employee engagement.
Meanwhile, the company also seeks to scale its offering to even more employers seeking to adopt earned wage access as a benefit.
What the company’s official has to add
Fred Choquette, Chief Operating Officer at Rain, said, “With this $300 million in funding from Clear Haven, we’ll expand our reach and further fulfil our mission to empower all Americans to live the life that they can afford to live, protected from predatory fees and lending products. By giving employees access to their hard-earned wages when they need them the most, we’re alleviating the reliance on financial products that further push them into debt. We’re committed to further empowering Americans on their journey to true financial freedom.”
What the investors have to comment
Mark Simmer, Managing Partner at Clear Haven Capital Management, further added, “Clear Haven is proud to commit $300 million in funding to Rain as part of its dedication to empowering both employers and employees to thrive in challenging economic circumstances and embark on a more resilient financial wellness journey. Rain’s unwavering mission to transform the financial wellness landscape by granting employees access to their earned wages perfectly aligns with Clear Haven’s vision for a more inclusive and equitable financial future. We are excited to collaborate with Rain, working together to empower employees and redefine traditional concepts of financial wellness.”
About the company
Alex Bradford and Jennifer Terrell launched the company in 2019. Rain is a trusted pioneer in employee-centric financial wellness solutions, serving middle-market and business organizations across the nation. Rain effortlessly integrates into any organization’s existing infrastructure, providing the flexibility required for effective financial management. Its comprehensive portfolio of solutions includes earned income access and a variety of financial wellness advantages. Rain, with a strong purpose to eradicate payday loans and unscrupulous financial products, promotes individual empowerment by providing employees control over their income and financial future.
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